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IMF approves $4.3 bln loan to help South Africa to fight pandemic

Christian Fernsby ▼ | July 28, 2020
The Executive Board of the International Monetary Fund (IMF) approved South Africa’s request for emergency financial assistance of SDR 3,051.2 million (US$ 4,286.5 million or 100 percent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment (BOP) needs stemming from the outbreak of the coronavirus pandemic.
International Monetary Fund
IMF   International Monetary Fund
The RFI will help fill the urgent BOP needs originating from the fiscal pressures posed by the pandemic, limit regional spillovers, and catalyze additional financing from other international financial institutions.

Topics: IMF

It will complement the authorities’ strong policy response to the crisis and their planned post coronavirus fiscal consolidation and reforms to promote growth that benefits all South Africans.

The authorities have committed to manage the IMF’s emergency financial assistance with full transparency and accountability.